FLOUR MILLS OF NIGERIA PLC Flour Mills of Nigeria Plc
Annual Report
31 March 2023
Flour Mills of Nigeria Plc
Annual Report
31 March 2023
Contents
Page | |
Mission and Vision Statement | 2 |
Board of Directors, Officers and other corporate information | 3 |
Group Performance Highlight | 4 |
Report of The Directors | 5 |
Corporate Governance Report | 12 |
Statement of Directors' Responsibilities in relation to the Consolidated and Separate Financial Statements | 25 |
Statement of Corporate Responsibility for the Consolidated and Separate Financial Statements | 26 |
Audit Committee Report | 27 |
Independent Auditor's Report | 28 |
Consolidated and Separate Statements of Financial Position | 34 |
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income | 36 |
Consolidated Statement of Changes in Equity | 37 |
Separate Statement of Changes in Equity | 38 |
Consolidated and Separate Statements of Cash Flows | 39 |
Notes to the Consolidated and Separate Financial Statements | 40 |
Other National Disclosures: | |
- Consolidated and Separate Statement of Value Added | 146 |
- Five Year Financial Summary | 148 |
Flour Mills of Nigeria Plc | |
Annual Report | |
31 March 2023 | |
Mission & Vision Statement | |
Our Vision | To be the leading food and agro-allied group in Africa |
Our Mission | To produce and supply products of superior quality and value to the market |
enriching the lives of consumers, communities, employees and all stakeholders | |
Our Goals | To be a customer-centric company. |
To be focused on both product and process innovation. | |
Always seek to build value for all stakeholders. | |
Our Purpose | Feeding the nation, everyday |
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Flour Mills of Nigeria Plc
Annual Report
31 March 2023
Board of Directors, Officers and Other Corporate Information
Board of Directors: | Mr. John George Coumantaros | Chairman (US Citizen) |
Mr. Paul Miyonmide Gbededo | Vice-Chairman | |
Mr. Omoboyede Oyebolanle Olusanya | Group Managing Director | |
Prof. Jerry Gana, CON | ||
Mr. Alfonso Garate | (Spanish) | |
Alhaji Rabiu M. Gwarzo, OON | ||
Mr. Ioannis Katsaounis | (Greek) | |
Mr. Thanassis Mazarakis | (Greek) | |
Mr. Foluso O. Phillips | ||
Alhaji Y. Olalekan A. Saliu | ||
Mr. Folarin R. A. Williams | ||
Dr (Mrs.) Salamatu Hussaini Sulaiman | ||
Mrs. Juliet Anammah | ||
Mr. Muhammad K. Ahmad, OON | ||
Ms. Yewande Sadiku | ||
Company Secretary | Mr. Joseph Odion Umolu | |
Registration number | RC 2343 | |
Tax identification number | 00136700-0001 | |
Date of incorporation | 29 September 1960 | |
Independent Auditor | KPMG Professional Services | |
KPMG Tower | ||
Bishop Aboyade Cole Street | ||
Victoria Island | ||
Lagos | ||
Registered office | 1, Golden Penny Place, | |
Wharf Road | ||
Apapa, | ||
Lagos | ||
Registrars and Transfer office | Atlas Registrars Ltd | |
34 Eric Moore Road, | ||
Iganmu, | ||
(Bagco Building) | ||
P.O.Box 341, Apapa, | ||
Lagos | ||
Principal Bankers | Access Bank Plc | Heritage Bank Plc |
Citibank Nigeria Limited | Nova Merchant Bank Limited | |
Ecobank Nigeria Limited | Stanbic IBTC Bank Plc | |
Fidelity Bank Plc | Union Bank of Nigeria Plc | |
First Bank of Nigeria Limited | United Bank for Africa Plc | |
First City Monument Bank Plc | Wema Bank Plc | |
Globus Bank | Zenith Bank Plc | |
Guaranty Trust Bank Plc |
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Flour Mills of Nigeria Plc | |||||
Annual Report | |||||
31 March 2023 | |||||
GROUP PERFORMANCE | Increase/ | ||||
HIGHLIGHT | |||||
31-Mar-23 | 31-Mar-22 | (Decrease) | |||
N'000 | N'000 | % | |||
Continuing operations | |||||
Revenue | 1,539,654,788 | 1,163,802,851 | 32 | % | |
Profit before minimum tax | 42,752,114 | 41,118,148 | 4 | % | |
Minimum tax | (2,969,506) | (1,902,530) | 56 | % | |
Profit before tax | 39,782,608 | 39,215,618 | 1 | % | |
Net income tax expenses | (10,278,323) | (11,200,392) | (8) % | ||
Profit for the year | 29,504,285 | 28,015,226 | 5 | % | |
Other comprehensive income/(loss) net of tax | 1,937,296 | (33,050) | (5,962) % | ||
Total comprehensive income | 31,441,581 | 27,982,176 | 12 | % | |
Profit attributable to: | |||||
Owners of the Company | 29,732,507 | 25,676,035 | 16 | % | |
Non-controlling Interest | (228,222) | 2,339,192 | (110) % | ||
Share capital | 2,050,197 | 2,050,197 | 0 % | ||
Shareholder's funds | 225,224,887 | 195,904,691 | 15 % | ||
Proposed dividend | 9,225,887 | 8,815,847 | 5 % | ||
Weighted average number of shares ('000) | 4,100,394 | 4,100,394 | 0 % | ||
Market capitalisation | 127,112,214 | 127,317,234 | (0) % | ||
Per share data (kobo) | |||||
Basic earnings per share | 725 | 626 | 16 | % | |
Diluted earnings per share | 725 | 626 | 16 | % | |
Dividend | 225 | 215 | 5 | % | |
Dividend cover | 3.22 | 2.91 | 11 | % | |
Market price per share at 31 March | 3,100 | 3,105 | (0) % | ||
Other Data | 5,919 | 5,910 | |||
Number of employees (Group) | 0 | % | |||
Number of employees (Company) | 3,839 | 3,778 | 2 | % |
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Flour Mills of Nigeria plc published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 08:02:03 UTC.
